Vanguard Natural Resources Announces Closing of Its Public Offering
of Series B Preferred Units

March 12, 2014 05:20 PM Eastern Daylight Time

HOUSTON--(BUSINESS WIRE)--Vanguard Natural Resources, LLC (NASDAQ: VNR) (the “Company”) today
announced the closing of its previously announced public offering of
7,000,000 7.625% Series B Cumulative Redeemable Perpetual Preferred
Units (“Series B Preferred Units”) at a price of $25.00 per unit. The
underwriters have been granted a 30-day option to purchase up to an
additional 1,050,000 Series B Preferred Units from the Company at the
public offering price less the underwriting discount. Distributions will
be payable on the Series B Preferred Units at an initial rate of 7.625%
per annum of the stated liquidation preference of $25.00, with the first
distribution date of May 15, 2014. The Series B Preferred Units are
listed on The NASDAQ Global Select Market under the symbol VNRBP.

The Company intends to use the net proceeds from the offering of
approximately $169.2 million, after deducting underwriting discounts and
estimated offering expenses, to repay a portion of its indebtedness
outstanding under its senior secured revolving credit facility.

Morgan Stanley, UBS Investment Bank, Barclays, Stifel, Credit Suisse and
MLV & Co. are acting as joint book-running managers for the offering. An
investor may obtain a free copy of the prospectus supplement and
accompanying base prospectus relating to the offering by visiting EDGAR
on the website of the Securities and Exchange Commission (the “SEC”) at www.sec.gov.
When available, a copy of the prospectus supplement and accompanying
base prospectus relating to the offering also may be obtained from:

The shelf registration statement, as amended, relating to these
securities has previously been filed with the SEC and automatically
deemed effective. This press release does not constitute an offer to
sell or a solicitation of an offer to buy Series B Preferred Units or
any other securities, nor shall there be any sale of these securities in
any jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities
laws of any such jurisdiction. The offering of these securities may be
made only by means of the prospectus supplement and the related base
prospectus.

About Vanguard Natural Resources, LLC

Vanguard Natural Resources, LLC is a publicly traded limited liability
company focused on the acquisition, production and development of oil
and natural gas properties. Vanguard’s assets consist primarily of
producing and non-producing oil and natural gas reserves located in the
Green River Basin in Wyoming, the Arkoma Basin in Arkansas and Oklahoma,
the Permian Basin in West Texas and New Mexico, the Big Horn Basin in
Wyoming and Montana, the Piceance Basin in Colorado, the Gulf Coast
Basin in Texas and Mississippi, the Williston Basin in North Dakota and
Montana, the Wind River Basin in Wyoming, and the Powder River Basin in
Wyoming.

Forward-Looking Statements

We make statements in this news release that are considered
forward-looking statements within the meaning of the Securities Exchange
Act of 1934. These forward-looking statements are largely based on our
expectations, which reflect estimates and assumptions made by our
management. These estimates and assumptions reflect our best judgment
based on currently known market conditions and other factors. Although
we believe such estimates and assumptions to be reasonable, they are
inherently uncertain and involve a number of risks and uncertainties
that are beyond our control. In addition, management's assumptions about
future events may prove to be inaccurate. Management cautions all
readers that the forward-looking statements contained in this news
release are not guarantees of future performance, and we cannot assure
you that such statements will be realized or the forward-looking events
and circumstances will occur. Actual results may differ materially from
those anticipated or implied in the forward-looking statements due to
factors listed in the “Risk Factors” section in our SEC filings and
elsewhere in those filings. All forward-looking statements speak only as
of the date of this news release. We do not intend to publicly update or
revise any forward-looking statements as a result of new information,
future events or otherwise.